New Delhi: PURE EV, an Electric two-wheeler (EV2W) manufacturer headquartered in Telangana, India, has attained a significant milestone with the receipt of certification for battery recycling. This commendable achievement comes in the wake of the Centre’s implementation of the Battery Waste Management (BWM) Rules, 2022, in August of the previous year, underscoring PURE EV’s commitment to environmental stewardship.
In a strategic move, PURE EV has not only secured the certification but has also seamlessly integrated an additional revenue generation strategy. The recycling is done at two levels: first, by recycling the lithium-ion cells and electronics to extract key metals and second, by refurbishing the aged lithium-ion batteries, which have applications in industry and rural storage solutions.
The Company has been granted the certificate to ensure proper and responsible management of lithium-ion battery waste. This significant acknowledgement underscores PURE EV’s leadership in setting industry standards for responsible battery management. The Company is also planning to launch a buy-back option for consumers to exchange their older generation batteries, which would have crossed 30,000 KM/40,000 KM with the latest generation smart batteries.
According to Fortune Business Insights, the global lithium-ion battery recycling market size was valued at USD 3.22 billion in 2022 and is expected to be worth USD 3.79 billion in 2023. The market is projected to reach USD 14.89 billion by 2030, recording a CAGR of 21.6% during the forecast period. Recycling of these lithium-ion batteries/cells involves the extraction of raw materials like lithium, nickel, cobalt, and manganese. This aspect is anticipated to act as a catalyst for the expansion of the lithium-ion battery recycling market and especially becoming popular among EV manufacturers, thereby developing circularity in electric vehicle supply chains.
PURE EV distinguishes itself as one of the rare EV2W Original Equipment Manufacturers (OEMs) that produce their battery packs in-house, leveraging cutting-edge proprietary technologies. Boasting 100+ IP filings, the Company prioritizes R&D for electric mobility innovation.
PURE EV has crossed 70,000+ deliveries of EV2W, which have clocked more than 1.1 Billion KM. The Company has established a 1,00,000 sq. ft. factory in Telangana comprising vehicle and in-house battery manufacturing divisions. The Company is further in the process of expansion to a 2,00,000 sqft facility with an annual vehicle production capacity of 120,000 units and an annual battery production capacity of 0.5 GWh, which will be ready by the end of FY 24.